In recent times, people in Bangalore are steadily shifting their focus towards the outskirts of the city as the property prices in the city centre are increasing at a faster rate. Also, due to other factors like well-developed physical infrastructure development including metro corridors, airports, flyovers and expressways and so on, these areas are seeing rapid real estate growth.
Among all the areas, Tumkur has emerged as a real estate hotspot among many home buyers. It has also been recognized as a major NIMZ (National Investment and Manufacturing Zone) and an industrial smart city.
Here are some of the major factors that are making Tumkur a Real Estate Hotspot in Bangalore:
The city of Tumkur is also known as the city of education and land of coconut trees. Since 28 August 2010, Tumkur has been accorded as the status of a City Corporation.
The city is well-connected to Bangalore and other cities in the state by KSRTC buses. Three National Highways NH-48, NH-73, and NH-69 pass through the city and connect it to Hubli, Mangalore, and Shimoga respectively. TCB (Tumkur-Chelur-Bukkapatna Road) connects the people of Hagalavadi, Chelur and Bellavi Towns to Tumkur Corporation City. Bangalore Airport is around 90 km from the city.
With the acquisition of 11, 000 acres in the Vasantnarsapura region, Tumkur has become a key hub for the Mumbai-Chennai corridor. Currently, 26 manufacturing companies like coir industries, rice mills, oil extraction mills, and other industries are already operating from here. The government has also proposed a textile park which will further give a major boost to employment and housing demand in near future.
Tumkur is also home to renowned educational institutions and health care centers like Sacred Heart Education Society, Sarvodaya Education Society, Siddaganga Institute, H.M.S Education Society etc.
Real estate Market
According to real estate experts, due to the presence of industries and proposed infrastructural projects, Tumkur is going to witness a growing demand across all the housing segments.
It is also steadily becoming a major affordable housing destination as well. Several real estate developers like Prestige, Salarpuria Sattva are shifting their focus to this area and looking to build big-ticket, affordable and mid-level projects here.
Some of the known projects in this area are Prestige Jindal City, ASB Vinayaka Enclave, Salarpuria Sattva Opus, and Concorde Spring Meadows.
Property Price and Trend
Due to well-developed infrastructure and presence of industries and offices, property price across the residential segment has shown an upward trend in the past few years. The property price starts from 4,380 per sq.ft and goes till 6,162 per sq. ft. However, the average property price here is 5,271 per sq.ft.
Also, the area is expected to generate price returns of more than 25% on investments over the next few years, suggest experts.